HEALTHCARE SMALL BUSINESS LOAN

PrimeCare Community Health

CHICAGO

Low-income residents in northwest Chicago now have greater access to affordable health care, thanks to a financial partnership between PrimeCare Community Health and National Cooperative Bank.

In 2018, NCB provided the nonprofit with a $5.8 million loan to support a New Markets Tax Credit (NMTC) financing package. The NMTC program offers tax incentives to businesses willing to invest in economically challenged communities. As a Federally Qualified Health Center, PrimeCare provides primary health care services to the medically underserved population at eight Chicago locations. It receives 65,000 patient-visits a year.

The NMTC financing allowed PrimeCare to acquire and renovate a two-story, 16,000-square-foot clinic in the city’s Belmont Cragin community. PrimeCare expects the site to receive an estimated 17,000 visits and employ 65 people, including medical providers, dentists and clinical social workers.

NCB also provided PrimeCare a $600,000 revolving line of credit to help the nonprofit pay for its operating expenses while it waits to collect federal funds for its patient services.

“NCB was incredibly accommodating,” said Robin McGinnis, PrimeCare’s CEO. “Its staff understands our vision and what we do. They were easy to work with. I was so impressed, I have recommended NCB to others.”